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Abstract

We report an experiment in which subjects are not indifferent between real-money lotteries implemented with randomization devices that are equivalent under the Reduction Axiom. Instead, choice behavior is consistent with subjective distortion of conditional probability, and this persists in treatment conditions that control for (i) computational limitations and (ii) possible confounding by ratio bias.

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File URL: http://www.sciencedirect.com/science/article/pii/S016517651100601X
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 115 (2012)
Issue (Month): 2 ()
Pages: 263-267

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Handle: RePEc:eee:ecolet:v:115:y:2012:i:2:p:263-267

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Reduction of compound lotteries; Negative recency effect; Law of small numbers; Design of experiments; St. Petersburg paradox; Myopic loss aversion;

Other versions of this item:

Find related papers by JEL classification:

• D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
• C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

References

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1. Jose-Luis Pinto-Prades & Jorge-Eduardo Martinez-Perez & Jose-Maria Abellan-Perpinan, 2006. "The influence of the ratio bias phenomenon on the elicitation of health states utilities," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 118-133, November.

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Cited by:

1. Crosetto, Paolo & Filippin, Antonio, 2012. "The "Bomb" Risk Elicitation Task," IZA Discussion Papers 6710, Institute for the Study of Labor (IZA).
   
   • Paolo Crosetto & Antonio Filippin, 2012. "The "Bomb" Risk Elicitation Task," SOEPpapers on Multidisciplinary Panel Data Research 517, DIW Berlin, The German Socio-Economic Panel (SOEP).
   • Paolo Crosetto & Antonio Filippin, 2012. "The "Bomb" Risk Elicitation Task," Jena Economic Research Papers 2012-035, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
2. Paolo Crosetto & Antonio Filippin, 2013. "A Theoretical and Experimental Appraisal of Five Risk Elicitation Methods," Jena Economic Research Papers 2013-009, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
   
   • Paolo Crosetto & Antonio Filippin, 2013. "A Theoretical and Experimental Appraisal of Five Risk Elicitation Methods," SOEPpapers on Multidisciplinary Panel Data Research 547, DIW Berlin, The German Socio-Economic Panel (SOEP).
3. Trautmann, Stefan T. & Zeckhauser, Richard J., 2011. "Shunning Uncertainty: The Neglect of Learning Opportunities," Working Paper Series rwp11-044, Harvard University, John F. Kennedy School of Government.
   
   • Trautmann, Stefan T & Zeckhauser, Richard Jay, 2011. "Shunning Uncertainty: The Neglect of Learning Opportunities," Scholarly Articles 5347068, Harvard Kennedy School of Government.

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